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Search Results 0 to 49 of about 76 (some duplicates have been removed)
CNN
Dec 8, 2012 2:00pm PST
don't owe taxes on the forgiven debt, on the other side of the fiscal cliff, you do. it expires on december 31st, unless congress acts. >> the average amount that homeowners are short in a short sale is $95,000. and if this tax break goes away, as part of the so-called fiscal cliff, those homeowners could be taxed on that $95,000 as additional income starting in 2013. >> how much homeowners will owe in taxes on that amount depends on the tax bracket they're in, but on average, it would be about 20 to $25,000. the banks have an extra incentive to sell short and absorb the loss. the nation's biggest lenders get a credit for short sales as a form of foreclosure relief. foreclosures also sell on average for $30,000 less than homes sold via short sale. so as we near the fiscal cliff, you can expect short sales even more as homeowners get hit with bank taxes and banks get stuck with foreclosed properties. if we go over the cliff, the taxpayer's base with a short sale may be steep enough to walk away instead. and that would push the fiscal cliff higher for 2013. i'm christine romans. >
CNN
Dec 6, 2012 1:00pm PST
't act in good faith. but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of getting close to it, the president has to be able to pivot and to say how do i turn this political advantage into a real policy accomplishment? and, wolf, i don't think you're going to do that with continued campaign style events like we just saw meeting with middle class families. okay. we get that. that occurred during the campaign. the white house has clearly gotten its message out. i think now there has to be a next step. you know, timing is everything in politics. and this is absolutely no different. what i'm getting from talking to some democrats on the hill is i think there
CNBC
Dec 4, 2012 7:00pm EST
have to leave it there. president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> whow does taxing the rich hep the poor rise above poverty and get a job? let's talk to larry elder. he is the author of the great book, "dear father dear son". welcome back. how does taxing successful wealthy people help the poor get out of poverty. well for people who think like i think it doesn't make any sense. but understand something, that is not what
CSPAN
Dec 12, 2012 7:00am EST
democrats. "no signs of reaching a deal revealed." as part of this so-called fix -- fiscal cliff, what tax deductions would you give up? fort lauderdale, hello. caller: hello. good morning. i feel that i would be willing to give up some of my medicare benefits. i currently get free shoes and other benefits from medicare that i would be willing to give up. host: anything that you would be willing to give up on your taxes? items that you have in the past? caller: i would be willing to give up my charitable deductions. host: how come? caller: i feel that i give part of it to my charitable deductions. host: would you still make donations to charity if you could not write it off on your taxes? caller: yes, i would. host: thank you for your call. joe? caller: i would be willing to give up earned income credit and i liked what the last caller said about modifying the amount for charitable deductions. i think that sometimes the very rich use that to give to charities that actually benefit themselves. i also have a contingency, which would be to reform the bankruptcy act and remove those benefits f
CNN
Dec 10, 2012 11:00am PST
on one. keep in mind they're the ones trying to do the deal here to avert this fiscal cliff. the tax hikes, the spending cutting scheduled for the first of the week now. join ming me from washington is senator olympia snowe. are you hearing -- what might you be hearing between the president and spirit? >> i think it is optimistic in the sense that at least they have met once again because i think that that is going to be crucial and central to any resolution, to the fiscal cliff crisis. and the more they meet and more that they have these lines of communications opened on a daily basis and their staffs are meeting, the more likely we'll see a conclusion to this issue. but it is regrettable that it is this late in the day, given the uncertainty and the apprehension that it continues to create among the american people, and, of course, both within the markets here and abroad. but i think it is hopeful that they have begun to meet and have some discussions because i think we can breathe a sigh of relief that the lines of communication are open. >> are you breathing that sigh of relief?
CNN
Dec 11, 2012 9:00am PST
the fiscal cliff which would mean tax hikes for almost all americans but also severe cuts as well. they are debating that publicly as well as privately. i want to talk more about the rebel group that we had mention before in syria, that is now designated a new terrorist organization, cnn's hala gorani joining us atlanta. hala, first of all, you've got the syrian rebels, they're there fighting al assad's government. now the u.s. government, state department, steps in and says, a small faction of this group is considered a terrorist organization. what does that mean on the ground in syria for the rebel forces? >> well, it's hard to tell if it's going to mean anything, really. because what we're hearing now, uniformly from rebel groups on the ground after the designation by the united states of the nusra front as a foreign terrorist organization, look you can't not arm us, not finance us, and at the same time tell us not to rely on the best sort of armed and financed subgroup in the anti-assad fight. so rebel groups are saying you're putting us in a difficult position. they're having
CNN
Dec 7, 2012 11:00pm PST
the dreaded fiscal cliff? it comes down to tax rates. this is a huge sticking point in the stalled negotiations between the president and mr. boehner. obama says the top rate on household income above $250,000 should rise from 35% to 39.6%. boehner wants the rate to stay at 35% or even lower. but what about meeting in the middle? around 37%? listen carefully to the speaker when he was asked today whether that rate could be the answer to this impasse. >> there are a lot of things that are possible. to put the revenue the president seeks on the table. but none of it's going to be possible if the president insists on his position. insists on my way or the highway. >> you hear what he said? a lot of things are possible. that may not sound like much where you're from, but here in washington, it sounds suspiciously like code for we're making progress. more evidence boehner's democratic counterpart house minority leader nancy pelosi also seems to be softening her language as we head into the weekend. listen. >> what we want to do is protect the middle class. so it's not about the rate. it
CNN
Dec 10, 2012 9:00am PST
and focusing on the expiring tax cuts as we near this fiscal cliff. we're going to bring their remarks live as they happen. first, christine romans has a look at what it would be like he if the country let those tax cuts expire, and we go off the so-called fiscal cliff. >> reality track says one in three homes sold short. right now you don't owe taxes on the forgiven debt. on the other side of the fiscal cliff you do. it gives homeowners a tax break on unpaid mortgage debt and expires on december 31st unless congress acts. >> the average amount that homeowners are short in a short sale is $95,000. if this tax break goes away as part of the so-called fiscal cliff, those homeowners could be taxed on that $95,000 as additional income starting in 2013. >> how much homeowners will owe in taxes on that amount depending on the tax bracket they're in. on average it would be between 20 to $25,000. the banks have an extra incentive to stel short and absorb the loss. under the national mortgage settlement act that went into effect earlier this year, the nation's biggest lenders get a credit for short
FOX News
Dec 6, 2012 10:00am PST
on this fiscal cliff which has automatic tax hikes and spending cuts as of january one, they are trying to avert that. he says any deal on this must include an end to the debt ceiling all together. he wants complete power to raise the country's limit by himself. he doesn't want to have to get congressional approval. that is a demand stirring strong response from republicans today. >> the on way we ever cut spending is by using the debate over the debt limit to do it. now the president wants to remove that spur to cut all together. of course, it gets in the way of his spending plans. i can assure you it one happen. the american people want washington to get spending under control and the debt limit is the best tool we have to make the president take that demand seriously. the american people want us to fight to cut spending. it's a fight they deserve and a fight we are happy to have. >> joining me now, simon rosenberg. and mark theisen. guys, welcome. simon, let me start with you on this. we did have some democrats come on the show and say no, the president doesn't get to just decide when to rais
CSPAN
Dec 6, 2012 12:00pm EST
in congress are willing to go over the fiscal cliff in order to get those tax hikes. rather than negotiate in good faith, they're willing to try to spend their time trying to convince the american people that it's just someone else's fault. going over the fiscal cliff will mean another recession, and this one is squarely on the shoulders of president obama. it will mean unemployment spiking back up over 9%. it will also mean a whole host tax increases, even beyond the higher tax rates that washington democrats want so badly. americans are also facing big increases in the death tax and the alternative minimum tax, also known as the a.m.t. both of these taxes will go up january 1 unless democrats work with republicans and take action to stop the increases that are already scheduled to occur. now, there's bipartisan agreement that these taxes should not be raised. there is bipartisan agreement that these taxes will do great damage to middle-class families, to family businesses, and to family farms. any effort to stop these harmful tax increases is being held up by the president's insistence o
ABC
Dec 8, 2012 4:00am PST
. >> thank you, dan. >>> this morning marks 24 days before the country goes over the fiscal cliff, where everyone's taxes automatically go up. and deep spending cuts kick in. president obama is taking aim at republicans, accusing them of blocking a bill that would prevent tax rates to go up for the middle class. fiscal cliff negotiations are now in the hands of just two people. president obama and house speaker john boehner. abc's david kerley joins us live with the latest. david, we have a positive jobs report. better than expected. consumer confidence floated. >> reporter: they're using the jobs report right now, the obama administration. a little more fuel. and we are talking about two men now. it comes down to these two guys and a lot of jobs on the line. possible hiring freezes, furloughs if we go over the cliff. now, working for the cuts they will make if we do actually go over the cliff. a diner, middle-class taxpayers and the vice president, telling republicans a deal to extend tax cuts for all but the wealthy is easy. >> the president would probably have me sprint up to the hill
CNN
Dec 6, 2012 12:00am PST
that is president obama and the democrats to save you for being higher taxes. this fiscal cliff thing, the problem with the republicans, larry, is that they have been boxed in by the democrats into a difficult position where the polls confirm that the public in america believe that the reason that president obama is going to win the debate is because, come the fiscal cliff moment, that if he goes over, that they are going to save the backsides of the wealthy 2% of americans. i probably shouldn't but i do. >> speaking as a reagan conservative, i must say i rather agree with you. probably shouldn't. but i do. i think divided government is very difficult. and there's some principles that speaker boehner is fighting for, with which i actually agree. but i think politically, the risk here for the gop, is they've become the party of rich people. and they give up the middle-class to the democrats. and i think you saw some of that in the presidential election. i don't think that's their intent. i think their tax reform intent is quite sound. but the way this is playing out, i think that's a big risk for t
CNN
Dec 11, 2012 8:00am PST
that fiscal cliff, there's another really big conversation that's brewing about how each and every one of your hard-earned tax dollars is actually spent. we got a reality check for you that you may not like to hear. for every one dollar that the government collects, it spends 71 cents of it on the big four. the big four are medicare, medicaid, social security, and interest. just interest on the nation's dea debt. so that ain't pretty and i'm sorry to say it's not getting any prettier. in the next four years, those costs will eat up 100% of every dollar that the government collects. these are sad statistics from the government accountability office. no money for defense, nothing for education, food, safety, veterans, the whole shebang. it's basically in your own personal economy like spending every cent you earn on your mortgage and nothing else. no food,clothes, no car, you get the picture, right. the 20-year prediction is even more mind blowing. the big four is set to consume $1.21 for every $1 that you pay in in taxes, which brings us back to the cliff, the fiscal cliff, and how lawmakers ca
CNN
Dec 8, 2012 4:00am PST
like 192 million bucks before taxes, that is, to cushion the potential fall off the fiscal cliff. an arizona couple came forward with the second winning ticket from last month's massive powerball drawing. they wanted to claim it before the end of the year and wanted to start a foundation with the money. >>> now to midland, texas, where the driver of a parade float hit by a freight train will not face charges. the crossing gate went down after the front of the truck had already crossed the train tracks. the float was carrying military veterans and their families. four vets died in the crash. 16 others were hurt. >>> and it's been more than 15 years since he was mysteriously gunned down, but the l.a. coroner's office has finally released the autopsy report of rapper christopher wallace, also known as the notorious b.i.g. or biggy smalls. the 23-page report shows wallace suffered four gunshot wounds and one was fatal. to date, no arrests have been made and the case is unsolved. >>> friends and family will remember the world's oldest person today at her funeral. besse cooper died on
FOX News
Dec 9, 2012 3:00am PST
with the president's position on tax hikes. furthermore, if this fiscal cliff happened 23 days from now, the president, if he doesn't do anything, those bush tax cuts expire, no negotiation at all. the bush tax cuts expire and the defense cuts go into place if the president basically doesn't return phone calls. >> speaking of polls, a lot of polls show if that happens, the republicans will be blamed for it, not the president. >> clayton: like 1995 all over again. >> mike: exactly. so representative randy forbes out of virginia says, maybe the president doesn't want an agreement really? listen. >> the president doesn't really want to get an agreement or a compromise, he wants to get his way and that's why he won't come to the table with any serious proposal and simply talk because i think if we do that, we can get a solution that everybody could live with. we're willing to sit down and negotiate and talk about the ideas and proposals, where is the senate and the president. the american people can hear what they're putting on the table and second realizing the senate and president are ju
FOX News
Dec 9, 2012 6:00am EST
had to say about the fiscal cliff. >> congress can avoid all of this bypassing a law that pass as tax hike on the first $250,000 on everybody's income. that means 90% of americans and 90% of small businesses wouldn't see their income taxes go up by a single dime. even the wealthiest americans would get tax cuts on the first $250,000 of their income. and families everywhere would enjoy some peace of mind. >> clayton: i think that republicans agree and a number of republicans say this, they're in a poor bargaining position. they he lost the election and polls show most americans agree with the president's position on tax hikes. furthermore, if this fiscal cliff happened 23 days from now, the president, if he doesn't do anything, those bush tax cuts expire, no negotiation at all. the bush tax cuts expire and the defense cuts go into place if the president basically doesn't return phone calls. >> speaking of polls, a lot of polls show if that happens, the republicans will be blamed for it, not the president. >> clayton: like 1995 all over again. >> mike: exactly. so representative randy
MSNBC
Dec 6, 2012 11:00am PST
of what he had to say regarding the fiscal cliff and the threat that looms. let me play it. >> when it comes to raising taxes on the wealthy, those making more than $250,000, if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> so is it a bluff when the obama administration says they're willing to go off the cliff if a deal is not reached on rates? >> i don't think it's a bluff. if you look at the reality of what happens, all the leverage which i -- right now clearly the white house has. they get more leverage if we go over their cliff. you can argue that would not send a good message to the country, to the world. it would prove that we are dysfunctional and cannot govern, et cetera, et cetera. in terms of dealing with the policy problem, which is you have this massive and growing debt, you have to bring in more revenues. there's multiple ways to do it, but critical ways to raise rates on the top end. it was what
CNN
Dec 11, 2012 1:00pm PST
dragging its feet. we have a few numbers of days left before we go off the fiscal cliff and taxes are raised for everybody. so speaker boehner knows a caucus, a serious, mature sober leader. he knows what his principles are. he's a principled conservative, a mainstream businessman and knows what the issues are. the house should and is largely trusting him. >> and what do you think about that, hilary? should the democrats trust the president to close the deal behind closed doors? >> i think democrats mostly trust the president. i don't know what mary's talking about that the president has dragged his heels. he's been trying to get congress to deal with this issue for months and months. but having said that, neither of these guys i think have the full faith and credit of their caucuses to do anything and that's what is taking so long. no democrats are pressing on the president to be careful on what he cuts on entitlements and folks like me would like to make sure that the defense cuts, you know, are substantially a part of this package. republicans, you know, are making a big deal o
CSPAN
Dec 12, 2012 10:00am EST
with the fiscal cliff. this is an arbitrary, across-the-board tax increase. the combination of which will mean that if we are unable to resolve the fiscal cliff without raising taxes, we'll already see a lot of new taxes as a result of the health care law on financial transactions, on insurance programs, on every single working american. so that's why we have our speaker, john boehner, trying to present president obama with an alternative that says rather than raising taxes which is already going to happen on january 1 from this massive new tax increase that was in the health care bill, why don't we find a way to understand and have the economy take that in hand first? i know the president stood here at the state of the union address and said we're not going to spend one dime of taxpayer money. i know the president stood here and said every single american can keep your own insurance plan. i know the president has made these promises to the american people and these are things that we're going to have to understand about january 1 next year. and i believe that's why we need to have john boehne
NBC
Dec 5, 2012 7:00pm EST
cliff if republicans don't agree to tax hikes on the richest americans. and so we welcome peter alexander, at the ranks of the white house correspondents, with a look at all of it. >> reporter: brian, good evening, on the north lawn, the phone call marks the first time speaker john boehner and the president spoke in a week, that is hardly something to celebrate, but they wouldn't characterize what they discussed in the phone call as the country barrels towards the fiscal cliff. with no talks and no progress to avert the looming fiscal cliff, you could say the house has left the building, streaming out of the capitol. tomorrow's session cancelled. with only three work days left this year, they are often criticized. just 16 votes. across the country, rising frustration, americans asking why the holdup. and what will their taxes look like in 2013. >> maybe instead of getting my sister two things, you give one thing, you have to give pause on what could happen next year. >> reporter: today, president obama and house republicans are locked in a political stare down. with neither side
FOX News
Dec 9, 2012 1:00pm PST
at the beginning of the fiscal cliff because they can most afford it. we can't have $127 billion of tax increases and spending cuts just a little bit from those that can most afford it. >> heather: thank you so much for joining us. we'll see what happens. >> gregg: george zimmerman files a lawsuit against nbc accusing the network of editing the 911 call before the death of trayvon martin. >> heather: a little girl waits her turn to meet santa but little did she know one of her christmas wishes would be granted on the spot. >>> daddy? the capital one cash rewards card gives you 1% cash back on all purchases, plus a 50% annual bonus. and everyone...but her likes 50% more cash. but i'm upping my game. do you want a candy cane? yes! do you want the puppy? yes! do you want a tricycle? yes! do you want 50 percent more cash? no! ♪ festive. [ male announcer ] the capital one cash rewards card gives you 1% cash back on every purchase plus a 50% annual bonus on the cash you earn. it's the card for people who like more cash. what's in your wallet? i've been a superintendentle for 30 some years at many dif
CSPAN
Dec 10, 2012 12:00pm EST
. the fiscal cliff involves nearly four dollars of anticipated revenue from higher taxes for every dollar of spending cuts, yet the president wants more revenue and fewer spending cuts. if we fell off the cliff, his plan calls for another round of stimulus spending. you have got to be kidding me. what the president's plan lacks is any reform in our entitlement system. the unrestrained growth in entitlement system is driving deficits and driving the debt even higher than the percentage of our gdp. it is estimated to be as high as $128 trillion. even if they confiscate all of the income that excesses $1 million, we cannot pay for the entitlement commitments that the federal government has made. we have made promises to ourselves that we simply cannot keep. without some sensible entitlement reform, our credit rating will be downgraded again. we will become a country that none of us recognize. secondly, fiscal plans failed to achieve their government budget deficit or debt reduction goals. dr. hassett has examined fiscal plans in other countries. on average, unsuccessful plans proposed an inc
FOX News
Dec 5, 2012 7:00pm PST
cliff, what it means is the taxes will go up on the wealthy, the big earners. it also goes up on the middle class. i assume the middle class will look to the rawp republicans foe fact that their taxes come up so political check mate. >> i'm not so sure. president obama could avoid that very simply by putting maybe two or three to one expenditure reductions on the table for revenue increases, something like sim responsibl simpson bow. he has a formula given to him by a commission he appointed and heted that formula and presented to the republicans a program which was basically just a massive tax increase over and above the massive tax increase that's going to take place with the bush tax cuts expiring, so i don't see where there's -- he hasn't given them room to compromise. maybe if he had put his tax increases on the table and put up expenditure reductions of, you know, one and a half to one and republicans can negotiate it to two or two and a half to one, i mean, that would be an adult, mature, sensible negotiation. the kind that i used to do with the democratic speaker of th
FOX News
Dec 5, 2012 10:00pm EST
them at their word, it sounds like the president is anxious to go over the fiscal cliff, and he leaves very little room for republicans to negotiate with him with a 1.7 trillion dollar tax increase, 50 billion more in stimulus spending, and absolutely no expenditure reductions that are going to take place right now. i mean, from the point of view of republicans, you're going to get more spending decreases if you go over the fiscal cliff than if you deal with president obama. >> greta: well, it appears to many in the city that it's politico check mate for the president. if we go over the fiscal cliff, what it means is the taxes will go up on the wealthy, the big earners. it also goes up on the middle class. i assume the middle class will look to the rawp republicans foe fact that their taxes come up so political check mate. >> i'm not so sure. president obama could avoid that very simply by putting maybe two or three to one expenditure reductions on the table for revenue increases, something like sim responsibl simpson bow. he has a formula given to him by a commission he appointed and
CSPAN
Dec 7, 2012 9:00am EST
economy right to the edge of the fiscal cliff. intent of reforming the tax code, the president wants to raise tax rates. even if the president got the tax rate hikes he wanted, understand we would continue to see trillion dollar deficit for a start -- far is that i can see. listed, washington has a problem spending, not the revenue problem. the president does not agree with our proposal. i believe is an obligation to families and small businesses to offer a plan of his own, a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> you did speak with the president earlier this week. did he have any kind of counter offer? we understand he is making clear it has to be increasing rates for the wealthy or no deal. are you willing to give up a little bit? >> the phone call was pleasant, but more of the same. it is time for the president, if he is serious, to come back to us with a counter offer. >> and a plan is down roughly to the same last year. [inaudible] why take such a risk when the jobs number is improving? >> the rest
FOX News
Dec 8, 2012 3:00am PST
the fiscal cliff. republicans are saying hey, let's continue the bush tax cuts, let's make this fair for everyone but let's stop spending. we are spending more than we have. democrats are saying now they are saying it doesn't matter, we are not focused on the deficit anymore. we want to keep spending so we're going to raise taxes. >> don't touch spending. if you touch spending do it five or 10 years down the road. let another congress do it. in the meantime raise revenues through tax increases. >> i hear my father's voice. we all grew up with our dads that they saved every penny they had. they came from that generation. my dad would never say ainsley just spend, spend, spend on your credit cards. don't worry about the debt? don't save a dime. if you were running a business your business would have been out of business. >> that's what scary. we love america so much and people are concerned where our country is going. >> email your questions at friends at foxandfriends.com. >> headlines. might be the biggest arrest related to terror attack in benghazi. the "wall street journal" reports
PBS
Dec 10, 2012 7:00pm PST
obama said he is ready to compromise before plunging over the fiscal cliff. >> people have a lot of views. i'm willing to compromise a bit. we asked the wealthy to pay a higher tax rate and that's a principle i won't compromise on. >> he said he could make some concessions so he can take tax cuts for the middle class. some republican lawmakers may agree to higher tax rates for the wealthy. let's get a check on the markets. profit taking on some blue chip shares is kicks in. let's get a check on currency. market players say dealers are waiting whether the fed will take further monetary easing measures. the dollar is trading at 82.42 to 44. the euro is trading higher against the yen. now, other markets in the asia pacific, south korea's kospi is trading higher at 1,963. let's take a look at australia. it's trading higher by nearly half a percent. intelligence experts in the united states have released their predictions for global trends in the lead up to 2030. they say the u.s. won't be the world's only superpower. the council says china will pass the u.s. economically a few years
FOX News
Dec 8, 2012 8:00pm PST
's looming tax and spending cuts commonly known as the fiscal cliff. despite a call between president obama and john boehner, the two sides appear to be no closer to a compromise. are republicans working on the scenes on a plan b? wall street journal columnist, dan henninger and kim strassel. you have bean working the phones, is there something going on between speaker boehner and the president? >> no, i think that they are nowhere and it's because the president is refusing to budge at all on the top toks ratestopx rates and we'll go off the cliff if the republicans don't acreed to that demand. so we're still at a stand still. >> paul: kim, why is the president so insistent on increasing tax rates? boehner has already put on the table a comparable amount of money to be gained from putting a cap on deductions, about 800 billion over ten years, so such a-- >> look, paul, two reasons. first is ideological. his partisans, his liberal base believe this is somehow a symbol of winning the tax fight and you can only do that by raising the rates on the wealthy in the country and they're insistent on
CSPAN
Dec 5, 2012 1:00pm EST
what happens if we go off this fiscal cliff. it's a spending decision and a tax decision, but i list them both up here. this chart comes from the congressional research service. a couple interesting things i want to point out here. first and foremost, if we do nothing, tax increases of about $400 billion, there are going to be spending reductions of about $102 billion, there are some other changes that happen at the end of the year that aren't associated with policy decisions, at the end of the day we change the scope of our deficit by about $607 billion. if we do nothing, that's what makes this such a hard issue to grapple with, mr. speaker, if we do nothing, if we reach no agreement, changes that happen automatically and burden us all in different ways, will create $607 billion for the u.s. treasury that we didn't have before. and that's only half of the annual deficit. you see all the pan damone yum that -- pandemonium folks are describing, all the frightful words used to describe the fiscal cliff, if we roll over that fiscal cliff and all of those bad things come to bear, the tax
FOX News
Dec 10, 2012 3:00am PST
. that makes no difference whatsoever. forget this fiscal cliff deal. the moral is, you raise tax rates and down goes tax revenue. look at what happened in britain. this raised the top tax rate to 50% and two-thirds of the millionaires disappeared in the next tax year. same things are happening in france. people are leaving. the top tax rate of 75%. same thing had in maryland a few years ago. new millionaires tax. they disappeared. exactly the same thing in california. >> brian: they went to pennsylvania and california. now texas. >> you avoid a high, what they consider a high tax rate. you want to take more money off them, but when you try do it, you don't get more money off them. >> brian: are you disturbed at all, 'cause i know you're a numbers guy, that it seems as though republicans from senator cork tore coburn to coal, seem to be saying, all right, just raise the rate. give the president his trophy so we can get to real cuts, would that bother you? >> yes, it would bother me because this is a spending problem. not a tax problem. if you just give in and pay the higher tax rates or
CSPAN
Dec 4, 2012 8:00pm EST
the fiscal cliff. after that, john podesta oh talks about tax laws. -- talks about tax laws. tomorrow morning's "washington journal does quote a representative peter welch talks about the fiscal cliff negotiations. -- " ashington journal" has representative peter welch talk about the fiscal cliff negotiations. after that, joseph schatz on estate tax. >> we are at the new york state museum. this is every gallery that is dedicated to the history of september 11 and the attacks on new york's world trade center. we have decided that this gallery could heltell the storyf the first moment of attack using objects found out the site. this is a he said steel from the south tower -- and this is a piece of from the south tower. because the visitor a real tangible experience. this is a piece of steel from the north tower. this is a germanic piece of steel. iece of steel.pic you can see where the windows would have been. every piece of steel is marked so you know which build theing, which floor. this one was picked because it was close to the impact. it has the chart numbers 71-74 from the time of constru
FOX News
Dec 10, 2012 2:00am PST
to attack what he called the president's bait and switch tax hike that could push it over the fiscal cliff. >> if he would do what he said before the election as oppose to do the bait and switch what republicans like is like jerry bro brownicing t cooking the footba. >> the talk of taxes is almost irrelevant to the size of the trillions and trillions of debt. >> unwilling to compromise the democrats new york center chuck schumer said republicans should go ahead and make his day. >> debt ceiling will be part of the griement. i think our repub can colleagues have learned that to save the government is not going to pay his debt for something else is bad substance and bad politics. i don't think they will prevail on it. if they don't say we won't raise the debt ceiling because of medicare make our day. >> some republicans will take the tax hike some will keep one of them. >> a lot of people are looking for the theory. it has merit where you give the president the two percent rate increase on the top 2 percent and all of a sudden the shift goes back to entitlements. all of a sudden once you get
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